UK disposable incomes have risen by just £1 per week in the last year, according to gloomy figures released by Asda this morning.
Despite economic growth, real incomes are still not rising, and Asda’s tracker suggests that the typical household’s discretionary income rose from £170 to just £171 a week in the year to June.
Discretionary incomes in London are significantly higher than the national average, at £233 per week – but the supermarket says they are also growing more slowly.
Incomes in the capital rose just 0.4 per cent between the second quarter of 2013 and 2014, partly due to slow pay growth in the financial sector.
“This economic expansion is not yet feeding through into the household finances of many, even for those living in the capital,” said Rob Harbron of the Centre for Economics and Business Research.